Kobo E-reader acquired for $315 million

Kobo E-reader, the company behind the, you guessed it, Kobo line of e-readers, has been purchased by Rakuten for $315 million in cash.

Rakuten is not a household name but is a massive e-commerce company in Japan and the owners of Buy.com in the U.S.

The acquisition will help the company in its push into downloadable media, beginning with e-books.

Kobo CEO Michael Serbinis says the Kobo devices have about 9 percent market share in the U.S. and will use the money to grow internationally. Kobo e-readers were available in Borders locations but the retailer has since gone bankrupt.